In this article, you’ll learn about earn what Web3 is, history of the web, what web3 is the future and why it is the future.
What is Web3?
Web3 was coined by John Markoff. It’s an enhanced version of the decentralized internet built on blockchain, and it’s a third-generation of the internet that comes with more characteristics like verifiable, trustless, self-governing, permission less, stateful and native built-in payments.
On this platform, websites and applications can process in a human-like way with the help of technologies like Machine Learning (ML), Big Data, decentralized ledger technology (DLT) technology etc.
What is Web3 used for?
Web3 is designed to provide a better internet experience to users. It enables peer-to-peer interactions without any centralized platform and intermediaries. And it supports blockchain, cryptocurrencies and NFTs to give ownership and next-level experience to the users.
Web3 is not relying on the outdated infrastructure of banks for payments, instead of using cryptocurrency for spending and sending money online. Web3 is eliminating the use of Web2 and providing better functionalities and authority to the users.
Web3 is like “smart contracts” that trade automatically according to a logic that can’t be breached. After the web3, there’s no need for any middleman in different sectors like insurance, real estate, credit card, lawyers etc.
Some existing Web3 public applications include decentralized finance (DeFi), NFTs, Play-to-earn games, and community-organized decentralized autonomous organizations (DAOs).
For example:
- DeFi Protocols (Aave and MakerDAO that use smart contracts and eliminate middlemen to get high returns)
- Play-to-earn games using NFTs (These games are used for earning income and for funding scholarships)
- Content creators (Artists are also selling their NFTs with smart contracts with no middleman, and transactions happen based on what they set themselves)
Web3 enables new business models and opportunities to implement this blockchain revolution in applications and processes.
History of the Web: From Web 1.0 to Web 3.0
The World Wide Web is a primary source used by billions of people to share, read and write information via the internet. The Internet made progress from time to time, and its evolution started from web 1.0 to web 3.0.
Let’s discuss this in detail.
Web 1.0
Web1 is the first stage of the world wide web. It started as a source to share and access information across different computers. At this stage, you can’t interact with the web pages. Instead, you can only share information on the internet. Web1 is a content delivery network (CDN) that enables the information on the websites. It’s mainly used as a personal website.
Web 2.0
Web 2.0 is a people-centric, read-write world wide web. In the updated version of Web2, the users have more control to interact with others and use the internet as a platform for connecting the world. It comes with user-generated content, usability and interoperability for users. Web 2.0 is also known as a social web where most users can interact with others socially. Some of the most famous Web 2.0 applications are Facebook, YouTube, Twitter etc.
Web 3.0
Web 3.0 is a semantic web or read-write-execute Era. It’s the future of the web and using advanced technologies like artificial intelligence, machine learning and blockchain to perform tasks better and faster. At this point, computers are intelligent enough and can distribute content to a particular need of a user and think like humans to perform tasks. It is considered the next generation of the internet that is built upon the concept of decentralization and great user experience.
Why is Web3 the future?
Web3 is an advanced internet with outstanding features that make users’ experience more beautiful and easier. Let’s see why web3 is the future!
1. Ownership
Web3 gives users ownership of their digital assets with complete security and full control. Web3 comes with ownership of non-fungible tokens (NFTs) that once you’ve bought or registered then, no one has the power to take away your ownership. You have complete access to keep the token for future or anytime access. This kind of security and ownership can be possible only because of web3 because it’s based on blockchain technology.
2. Censorship resistance
Web2 platforms are based on their users and make decisions according to the content creators, but Web3 comes with a censorship resistance feature that allows any creator to take reputation with themselves and integrate with anyone platform to keep your valuables.
3. Identity
In traditional Web2 platforms like Twitter, YouTube, Reddit, etc., you must create a separate account for each platform and make changes like profile photo, bio or name. You have to make changes for each platform that require social logins each time.
But Web3 is quite different because it gives you complete control of your digital identity with an Ethereum address. By using this address, you get a single login for all platforms.
4. Native Payments
Web2 payments infrastructure is based on banks and platforms but not for Web3 because Web3 uses tokens like ETH or other cryptocurrencies to send money directly without any third-party required.
5. User experience
Web3 provides an amazing experience to its users and is still in progress to work on security concerns, technical documentation and a user-friendly interface.
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